漢能經濟危機謎團出現新波折

The convoluted interactions among companies owned by Chinese solar group Hanergy took another twist yesterday when its Hong Kong-listed unit cancelled a $585m deal signed the previous month between a subsidiary and its mainland parent.

中國太陽能企業漢能集團(Hanergy)旗下公司之間錯綜複雜的往來昨日出現新的波折：其香港上市公司取消了一家子公司與內地母公司上月簽署的一筆5.85億美元的交易。

Hanergy’s Hong Kong-listed stock is suspended and is under investigation by the Hong Kong regulator, after plummeting 47 per cent in less than an hour of trading on May 20. The listed company, Hanergy Thin Film Power, does almost all of its business with parent Hanergy Group, headquartered in Beijing, and gets nearly all of its revenues from the parent.

漢能在香港上市的股票自5月20日開盤不到一小時暴跌47%以來，一直處於停牌狀態，並受到香港監管機構的調查。上市公司漢能薄膜發電(Hanergy Thin Film Power)的幾乎所有業務都是與總部位於北京的母公司漢能集團開展的，營收也幾乎全部來自母公司。

The Financial Times has detailed a number of noticeable practices at Hanergy this year, including unusual trading patterns of its stock.

英國《金融時報》今年以來詳盡指出了漢能的一些令人矚目的做法，包括其股票不同尋常的交易規律。

On May 5, the listed company said in an announcement to the stock exchange that its subsidiary Fujian Apollo would sell $175.5m in equipment to make solar panels for buildings and $409.5m in technical services to the parent group.

5月5日，漢能薄膜發電在向香港交易所提交的一份聲明中宣佈，其子公司福建鉑陽(Fujian Apollo)將向母公司銷售1.755億美元的設備（用於製造建築物上的太陽能電池板）和4.095億美元的技術服務。

The agreement, which included a detailed payment schedule, was similar in structure to other deals between Hanergy units, some of which have been revised after being announced. Hanergy Thin Film yesterday said that after “arm’s length negotiations” the two parties had agreed to cancel the deal. It offered no further explanation.

這份協議包括一份詳細的支付時間表，在結構上類似於漢能旗下公司之間的其它交易（其中一些在宣佈之後又被修訂）。漢能薄膜發電昨日表示，經過“公平磋商”，雙方同意取消交易。它沒有提供進一步的解釋。

The Hong Kong regulator could not be immediately reached for comment on whether the cancellation was linked in any way to its investigation into Hanergy Thin Film.

記者一時聯繫不上香港監管機構，請其評論這一取消是否與該機構對漢能薄膜發電的調查有任何關聯。

The Securities and Futures Commission took the unusual step of announcing its probe after Li Hejun, Hanergy founder and chairman, denied that the regulator was looking into his company.

在漢能創始人和董事長李河君否認監管機構正在調查他的公司之後，香港證券及期貨事務監察委員會(SFC)採取了宣佈調查的不尋常步驟。

Fujian Apollo is a business unit whose $2.9bn deal in 2010 to supply equipment to the then-unrelated Hanergy Group allowed the mainland group to buy into the listed company at discounted share prices. At the time, the deal stood out not only for its size but also its embrace of amorphous silicon thin film technology, which had been largely abandoned outside China because of the low ratio at which it converted solar energy into power.

福建鉑陽是一個業務部門，其在2010年達成的向當時尚無關聯的漢能集團供應設備的29億美元交易，使這家內地集團能夠以折扣股價入股上市公司。當時，這筆交易令人矚目的除了規模以外，還有它對非晶硅薄膜技術的擁抱；此前這種技術在中國以外基本上被放棄，因爲它將太陽能轉化爲電力的比率太低。

Calls to the Fujian Apollo business unit seeking comment have gone unanswered this month. But an official at the local industrial park said that the company was operating and produces solar batteries.

本月，記者曾致電福建鉑陽業務部門請其置評，但沒有得到答覆。但當地工業園區的一位官員表示，該公司仍在經營，業務是生產太陽能電池。

In its full-year results up to the end of December 2014, HTF said that HK$5.9bn of its HK$9.6bn of revenues had come from sales to its parent company, while a further HK$3.3bn came from sales of solar power stations to third parties.

根據漢能薄膜發電報告的截至2014年12月底的全年業績，其96億港元的營收中，59億港元來自向母公司的銷售，另外33億港元來自向第三方銷售太陽能發電站。